Feds raid 2d recycler; more said on the way

PITTSBURGH  A second Chicago metal recycler has been raided by federal authorities in what some sources say is just the tip of the iceberg. Serlin Iron & Metal Co. was the target Aug. 22 in an ongoing investigation, a spokesman for the U.S. Attorneys Office in Chicago told AMM. "We dont have any additional comment or public information at this time," he said.

The metal recycler, which according to its website has more than 50 years experience in the business and handles industrial scrap, had no comment.

The raid followed a similar one at Acme Refining Co.s Chicago headquarters a day earlier (amm.com, Aug. 21). "We have no comment, but will cooperate with authorities," an Acme spokesman told AMM.

The Internal Revenue Service Criminal Investigation division confirmed that it was on site at both raids.

Sources indicate that 20 metal recycling facilities and perhaps as many as 100 industrial scrap suppliers are being scrutinized as part of a sweeping criminal investigation.